Scotsman auction report and Silver Dollar Coin show report, 2008

[DirtyGoldMan]

Act I (Friday night):

 

I was supposed to meet Doug Winter for dinner at 6:00P, but I got delayed doing an extremely difficult procedure on an extremely unfortunate 47 year old man and, after enduring an unusual traffic snarl, I finally arrived at the convention center after 7:15P. Doug and I were both hungry and cranky and we grabbed a quick pizza and beer at a nearby restaurant, which was surprisingly good pizza by St. Louis standards. Doug and I are both vegetarians, there was no quibbling on the toppings, and Doug picked up the check.

 

We got second row seats in the auction hall, and the gold portion of the auction started promptly at 8:15P. As expected, prices were generally strong. You can read Doug's market report next week, but suffice to say, he picked up a few nice coins. While prices were fairly strong, some coins did sell too cheap. The pace of the auction was very quick, and sometimes too quick. If I had a few more nanoseconds to think about it, I might have bid (or bid higher) on several lots. Alas, I do not have the quick and brilliant mind of the professional numismatist and had to settle for planned bids.

 

The coin I purchased was a very unusual common date 1881-S $5 in an NGC-62* holder (below). Since I was sitting among the pros in the room (really), it became abundantly clear that most of them considered this coin to be a 3. Doug elbowed me to nudge up my bid on this and several other lots. On this one, I listened and won the coin. Often, I walk out of an auction thinking that I could have/should have/would have.... This time, I walked thinking that I purchased the coin that was most interesting to me and did not get drawn into any other traps or coins that I would regret later.

 

My favorite coins in the auction were probably not ones from the Eliasberg collection. There was a stunning 1850 $20 in PCGS MS-62 from an old time collection that brought close to $30,000 with the juice. Obviously, someone pegged it as a crack-out. I also really liked the 1838-C in NGC VF-35. I thought it was really nice and original for the grade and Doug encouraged me to go after it. Alas, I was outbid before I got to raise my hand.

 

Sitting with Doug during the auction was in many ways like sitting next to Manny Ramirez in the dugout during a baseball game. (Okay, I agree, baseball is not nearly as exciting as a coin auction. ). There was plenty of enlightening commentary and schmoozing with the other regulars, but every so often, he got really serious when it was his turn at the plate. One comment that saddened me was when he suggested that a few of the Eliasberg coins purchased tonight would be losing their connection to the pedigree imminently--the implication was that they would be cracked and processed before they even made it out of St. Louis. Such a shame!

 

Another highlight for me was running into Julian in the rest room, of all places. We both ducked out during the interminable run of Indian quarter eagles. I think of Julian as the ambassador of numismatics and even in the men's room, Julian is gracious and friendly.

 

Kudos to Scotsman for running a very transparent and buyer-friendly auction. Several years ago, I was publicly critical of their auctions and business, in general. They have really turned things around in almost every area that needed improvement, and I quite frankly enjoy participating in their auctions as a bidder. The increasing number of the real pros in the crowd are a testimony to the fact that they must be doing something right. On a personal level, they have gone out of their way to offer top notch service and advice. If you have the opportunity or desire to bid in a Scotsman auction in the future, it could very well be worth your while.

 

 

Act II (Saturday late morning-early afternoon):

 

On that morning I returned to the bourse, with my son, and made a few additional purchases.

 

I bought an 1855-O G$1 PCGS AU-53, the exact grade I have been seeking for some time. Doug had it in his newp stack, and I scooped it up immediately. I also bought three DBHs from Harry Laibstain (two photos below).

 

I had nice conversations with Harry, Julian, Jim Matthews (HLRC), Jim McGuigan (fellow Pittsburgher and Steelers fan), Dennis Tarrant, James Garcia, and Dennis Garstang. I showed Julian my report from the previous night, and he said that he did not think the Eliasberg coins were bought to be cracked out and processed. He thought most would be sold as is, and, in retrospect, there probably were few upgrades in the group.

 

I also met up with fellow collector and PCGS forum member, habaraca, and he proudly showed my son a Potty Buffalo nickel. On first glance, it looked like a regular 1937 5c, but when you turned it over, Black Diamond was on the can. What will they think of next?!

 

My son surprised me by informing me that he wanted to collect something different, something older (that's my boy!) and settled on bust halves (you can't win 'em all). We sat down at Richard (nickname) Osburn's table and picked out two winners among the uncertified bust halves (1829/7 and 1830), and Osburn gave Jack an excellent price and some words of encouragement.

 

The show was very slow. Scotsman closed up auction pick-up a few minutes before I walked up, and Heritage closed up lot viewing minutes before I walked up to there table. Two disappointments. The place was literally shutting down around me, and I decided to leave at that point.

 

What did I see of interest?

 

More 1799 $10's than I have ever seen in one location

 

A group of ACG-graded Saints

 

A very nice 1795 half dime in XF-45 that I may still purchase

 

No one else wearing a Steelers jersey

 

Very, very few bullion coins

 

Very few children

 

Very overpriced and low quality refreshments

 

 

 

[physics-fan3.14]

Alright, I confess. I cheated and scrolled down to the pictures first. When reading a show report, that's like skipping to the punchline ::

 

Really good, detailed show report, very interesting. Great coins, too. Not being familiar with gold at all, what about that $5 is * quality? Its a gorgeous coin, but what does a gold coin like that have to do to get a *?

[DirtyGoldMan]

Alright, I confess. I cheated and scrolled down to the pictures first. When reading a show report, that's like skipping to the punchline ::

 

Really good, detailed show report, very interesting. Great coins, too. Not being familiar with gold at all, what about that $5 is * quality? Its a gorgeous coin, but what does a gold coin like that have to do to get a *?

 

IMO, the word "prooflike" gets tossed around indiscriminantly in numismatic context. Upon first glance at this coin, it appears like a proof. Many times people describe a coin as prooflike, and I have no idea what they are talking about.

[WoodenJefferson]

prooflike=nice and shiny

 

Thanks for the report...and yes, I can see frosted devices in that 1881-S so in this case, "prooflike" is eligible.

[James_OldeTowne]

Robert, it was GREAT to see you at the show, and I really appreciated your kind words of encouragement. Here's a cut & paste of what I posted elsewhere:

 

The auction was remarkable in several facets. First of all, the auction room was fairly stuffed with folks - dealers, collectors and just onlookers who actually had no interest in coins at all. It was gratifying to see so much interest in the sale, and without a doubt, the Eliasberg consignment was an important impetus for strong attendance. Particularly gratifying was the fact that lots were won by numerous different bidders, rather than a small contingent of deep-pocket dealers suctioning up all the important coins. I picked up three lots, and all three were on the cheap. I simply could not compete with the stunningly strong bids realized by all the good stuff. From what I understand, the sell-through percentage was believed by Scotsman to be the highest EVER in the history of their auctions, and I think that speaks volumes for the hard work and dedication shown by their consignment team.

 

As a quick aside, Scotsmand graciously supplies a free pizza dinner to anyone in attendance, but the temperature in the auction room bordered on downright arctic. I saw folks putting on their coats! The point is that the pizza got cold rather quickly, as did the toasted ravioli and other offerings, and therefore, the meal was a little sub-par, but this is a trivial complaint. Heck, I think I ate a whole large pizza all by myself !

 

The "Merten Silver Treasure" hoard that was dug up out of the ground produced by far the most astounding results seen in the entire auction (in my opinion). I recommend anyone with an interest get the "prices realized" from Scotsman (should be up in a couple of days), then go to their auction site and do a search on "all lots" for "merten". Make sure you are sitting down, then check out the prices realized versus the estimates. Absolutely WAY over the top! Some of these lots realized literally several multliples of the high estimate! The once that really sticks out in my mind was lot 72. I was prepared to bid $1700 versus an estimate of $1400 - $1600. What did it close at?

 

6 5 0 0?!?!?!?!!!!! Are you kidding me??? Folks, this was a lot of EIGHT OBVIOUSLY CLEANED CIRCULATED HALF DOLLARS. NINE HUNDRED DOLLARS PER??? WOW! I guess I'd better start digging around in my back yard and see if I can locate any treasure troves of buried Sacagawea dollars. Can anyone else imagine - The Fenton Sacagawea Treasure Hoard in the next Scotsman sale?

 

Who in their right mind could truly believe that a coin must be in a slab to get top dollar after this completely mind boggling, logic-trashing result?

 

The Eliasberg portion of the sale was obviously the highlight of the sale, and for me, it was exceedingly enjoyable except for one very strange, anti-climactic moment. The time came for the Stella to go off, and Mark (the auctioneer) announced to a breathless crowd that this was the most exciting lot that he had ever been able to auction, and probably would be the most exciting of his entire auction career. Julian blurted out - "Your a young guy, you'll get to auction off even nicer coins some day!", and a chuckle rolled through the room. Everyone got quiet as the opening bid was announced. 420,000 dollars! Does anyone want to bid $430,000?

 

(drumroll please) ....

 

NO bids! That's right, the coin, to my knowledge, did not sell.

 

How anti-climactic is that?

 

Personally, I was a little sad that the coin didn't garner more attention. But hey, that's the numismatic life. The good news - no make that the fantastic news - is that the rest of the Eliasberg coins, with perhaps a couple of minor exceptions, sold VERY well. I was particularly pleased to see the 1851 go to a local St. Louis collector with strong ties to the community. It's neat to know that a coin of that caliber is staying in my hometown. The 1930-S Saint did sell (for $170,000 by my notes), and I even bid on a couple of pieces that would have been neat to have, though I got thoroughly steamrolled by much stronger bidders.

 

I had a trio of lots in the sale, and two of them went away. The third did not, much to my surprise, but in all fairness, I think my reserve was a little strong. I could probably have reserved it for 10% less and watched it disappear as well.

 

That's my auction observations, and I will post some actual coin show thoughts later, after I've had a little while longer to digest how the show went.

[MarkFeld]

prooflike=nice and shiny

 

Thanks for the report...and yes, I can see frosted devices in that 1881-S so in this case, "prooflike" is eligible.

"Prooflike" should not be used to convey "nice and shiny". Rather, a "prooflike" coin should exhibit proof/mirror-like (as in reflective) surfaces, and that is not necessarily the same as "shiny".

[IGWT]

Great report, Sagerad, with an excellent assist by James!

[WoodenJefferson]

prooflike=nice and shiny

 

Thanks for the report...and yes, I can see frosted devices in that 1881-S so in this case, "prooflike" is eligible.

"Prooflike" should not be used to convey "nice and shiny". Rather, a "prooflike" coin should exhibit proof/mirror-like (as in reflective) surfaces, and that is not necessarily the same as "shiny".

 

 

prooflike=nice and shiny

 

 

[leeg]

Super report and even nicer group of coins. Thanks for sharing both!

 

(thumbs u

[TomB]

Terrific report and I especially liked the play-by-play of the auction. (thumbs u

[MikeKing]

My son surprised me by informing me that he wanted to collect something different, something older (that's my boy!) and settled on bust halves (you can't win 'em all).

 

your son must be quite brilliant